English Premier League leaders, Manchester City, have joined forces with Socios.com to launch the Manchester City $CITY Fan Token.
"Please note: $CITY Fan Tokens are a form of cryptoasset that are not sold by the club, they are sold by Socios.com and can only be purchased on the Socios.com app in exchange of another cryptoasset $CITY Fan Tokens are utility tokens, meaning that their fundamental value is to allow holders to engage with the club, for example by participating in or benefitting from activities campaigns or events organised by the club.
Although $CITY Fan Tokens are intended to be a tool to engage with the club, we recognise that that a secondary market for trading does exist and certain holders may treat them as an investment and that a secondary market for trading may have developed. As such, we remind you that: a) the value of $CITY Fan Tokens can fluctuate and could potentially lead to large losses; (b) $CITY Fan Tokens are currently not regulated investments under the Financial Services and Markets Act 2000 ; and (c) capital gains tax may be payable on any profits made on the sale of $CITY Fan Tokens.
The decision to open a cryptoasset exchange account on the socios.com app and purchase cryptoassets requires careful thought and consideration. You should spend only what you can afford and always seek independent advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your investment and the risks involved. Please refer to the Socios app Terms and Conditions and Help Pages for more information.”
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Socios.com is a fan engagement and rewards mobile app built on the Chiliz blockchain. Manchester City fans across the world will be able to use $CITY Fan Tokens to access VIP rewards, Club promotions, games, AR-enabled features and voting rights in certain binding and non-binding Club polls on Socios.com.
The launch of the $CITY Fan Token also creates a new layer of digital engagement for Manchester City’s global fanbase, bringing them even closer to the club they love.
The great news for City fans is that all existing registered Cityzens will be eligible to receive a free $CITY Fan Token.
Stephan Cieplik, Senior Vice President of Global Partnerships Sales, City Football Group, said:
“We are excited to launch the new Manchester City Fan Token, which will provide another opportunity for our fans all over the world to get even closer to the Club they love. Fans will have access to fantastic competitions and VIP experiences and be able to vote on Club initiatives.
“Every existing registered Cityzen will also be eligible for a free token so they can access the full range of benefits and rewards.
“We recognise the significant interest in blockchain and the opportunity it provides us to engage further our global fanbase and we are confident that the Manchester City Fan Token will prove a popular addition to our digital line-up. We’ve been extremely impressed with how Socios.com have led the way in this space with other European clubs, and we are confident that we have the right platform to succeed and grow together.”
Alexandre Dreyfus, CEO of Chiliz and Socios.com, said:
“Manchester City are leading the race for this season’s title, but they’ve already been honoured as the most innovative sports team in the world this year.
“The Club have proven they are ahead of the pack in embracing innovation and will enhance that status further through the $CITY Fan Token.
“Socios.com and $CITY Fan Tokens will be hugely complementary to City’s global approach, providing fans around the world with unprecedented engagement opportunities, as well as unique digital, and - once restrictions are lifted - real-life rewards and experiences.”
The digital collectibles market is currently booming. CoinMarketCap, the world’s most referenced price tracking website for digital assets, has created a dedicated page for Fan Tokens minted on the Chiliz blockchain. The total Fan Token market cap recently exceeded $400M. Chiliz $CHZ - the digital currency for sports & entertainment and the native currency of Socios.com - is among the top 35 cryptocurrencies in the world with a market cap of $3.3 billion.
The Manchester City Fan Token is available to purchase via the Socios.com app. Registered Cityzens will receive an offer to claim their free token through a voucher code in due course.